Sphere 3D prices $5.0M private placement; sells non-core assets
Sphere 3D Corp. concludes a 90-day strategic review, announces pricing of a $5.0 million private placement with three directors participating, and divests non-core assets (Iowa site and legacy mining fleet) to fund AI and high-performance computing development.
Three Directors, including the board chairman and chief executive officer, are participating in the private placement. The company said proceeds from the sale of a non-core Iowa site and legacy mining fleet will fund AI and high-performance computing development in the TVA region. Sphere 3D also said it has secured a land option in Hopkinsville, Kentucky.